S&P gives Walgreen notes A+

Standard & Poor's said it assigned its A+ rating to Walgreen Co.'s $1.3 billion of 4 7/8% senior unsecured notes due 2013, adding that this is the company's first issue of corporate debt since 1986.

The agency said that the company's A+ long-term and A-1 short-term corporate credit ratings remain unchanged.

The outlook is stable.

Proceeds from the notes will be largely used to repay short-term indebtedness incurred under the company's commercial paper program, S&P said.

According to the agency, the ratings on Walgreen reflect the company's leading position in an industry with good business characteristics and management's commitment to maintaining financial strength.

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